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- Lifezone Metals (NYSE:LZM) Wednesday announced a term sheet with a unit of Glencore (OTCPK:GLNCY) for the two-phased implementation of a recycling joint venture to recover platinum, palladium, and rhodium from spent automotive catalytic converters.
- Lifezone is providing its Hydromet technology for Phase 1 confirmatory piloting and design of the recycling facility, the company added.
- Test work is underway at Lifezone Metals’ laboratories in Perth, Australia, and is expected to be complete in the first half of 2024.
- Following the successful completion of Phase 1, Lifezone Metals and Glencore will jointly fund the initial capital expenditures required to construct a commercial-scale PGM recycling facility.
- Additionally, Glencore would provide a working capital facility for the recycling facility and will apply its marketing expertise in respect of 100% of the recycled PGMs.
- Source: Press Release